Standard Chartered has completed the country’s electronics industry’s first Taka to Rs export transaction

Standard Chartered Bangladesh has completed a transaction with Walton Hi-Tech Industries Plc in INR to facilitate the export of refrigerators and freezers to India. This transaction, the first Taka to Rupee export for the electronics industry in Bangladesh, has achieved a milestone in the trade sector.

This export transaction conducted in each country’s respective currency opened a new avenue for Standard Chartered Bangladesh. In India, Walton Hi-Tech Industries plc’s customers in INR are able to trade in Indian rupees, helping the company expand and diversify its overall exports to increase its performance. Increased facility of direct invoice payment in INR reduces transaction costs. Taka to Rupee transactions and trade empowers regional power and strengthens Standard Chartered’s global network by accelerating bilateral trade between the two countries. This information was informed in a circular on Monday (September 18).

Nasser Ejaz Vijay, Chief Executive Officer, Standard Chartered Bangladesh, said, “Today’s event is a tangible symbol of inspiration, collaboration, innovation and great pride for our country. It greatly simplifies transaction timelines and transformations and opens up new possibilities for the future. We are proud to partner with Walton in this endeavor.”

Gholam Murshed, Managing Director and Chief Executive Officer of Walton Hi-Tech Industries PLC said, “Bangladesh is using the US dollar in international trade transactions. However, Bangladesh and India have introduced bilateral trade in their respective currencies to ease the current economy’s liquidity and reduce dependence on the US dollar. To further this initiative, Walton has initiated scheduled exports of Indian Rupees.” He further said, “Walton exports refrigerators, compressors, fans and other products worth around Rs 1 billion to India every year. Bangladesh can use this export earnings of Walton to pay for imports from India up to the same amount in Rs. This will save time and dependence of transactions on US dollars. Also, importers and exporters of both countries will benefit from avoiding this double conversion of foreign currency.”

The transaction agreement between Standard Chartered and Walton Hi-Tech Industries Plc was signed by Nasser Ejaz Vijay, Chief Executive Officer of Standard Chartered Bangladesh and Golam Morshed, Managing Director and Chief Executive Officer of Walton Hi-Tech Industries Plc. Also present were Standard Chartered Bangladesh’s Managing Director and Head of Client Coverage, Corporate, Commercial and Institutional Banking Enamul Haque, Managing Director and Head of Financial Markets Muhit Rahman and other senior officials of both the organizations.

Standard Chartered Bank is the only multinational bank in the country that has been continuously operating in Bangladesh for more than 118 years. Standard Chartered Bank has long been a proud partner in the country’s trade and development journey through the welfare of the nation, elimination of economic disparities, and protection of the environment.

Founded in 1977, the Walton Group employs more than 30,000 people with 22 manufacturing plants. Walton Group has a presence in more than 80 countries with an annual production capacity of ten million units. The Walton Group and its subsidiary, Walton Hi-Tech Industries Plc have won several awards locally and internationally maintaining a prestigious position in the current market.